Study: ‘Build Back Better’ Would Provide $6,000 Tax Cut for People Earning $500k to $1 Million

POLITICS & POLICY


In response to Democrats’ Spending Bill Breaks Biden’s Tax Pledge, Analysis Finds

Phil notes that the Tax Policy Center, a project of the liberal-leaning Brookings Institution and the Urban Institute, finds that the House Democrats’ reconciliation bill would violate Biden’s pledge that no one earning less than $400,000 would see his taxes increase by a single penny.

Perhaps the most eye-popping result is that the bill, in its current form, would provide Americans earning between $500,000 and $1 million an average tax cut of about $6,000. 

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The tax benefit for the rich comes mostly from the Democrats’ proposal to raise the cap on the deduction for state and local taxes:

Bernie Sanders had hoped to limit the benefit of raising the cap on the SALT deduction to those earning $400,000 or less.

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